Your statement that it’s been said for 10 years doesn’t hold weight either – some economists have been talking about the housing bubble popping for 5 years and they were wrong too, until it happened. I appreciate your response. Well, what do you think about the impact of the END of CHEAP OIL?

You wondered why people were in denial about oil prices going to $200 a barrel and I responded that it’s because the “peak oil” argument has been used before too many times. Oil bears have cried wolf too many times and so they’re mostly ignored. Same with the housing bears. It doesn’t matter if they’re right or not.

Dire predictions were made regarding $60 oil. Same with $70 oil. Some inflation hit us, but nothing huge. I think as soon as the economy weakens just a little (end of somw MEW, or whatever), oil prices will drag us down. The expensiveness of oil at the time will define the speed of our decline. That’s my opinion.

$200 oil? Maybe, but let’s hope it takes a decade to get there.